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2005 Personal Income Tax Rates

2006 Corporation Income Tax Rates

2005 Personal Income Tax Rates

FEDERAL TAX

The Federal income tax rates for 2005 are as follows:

 RATE

  TAXABLE INCOME

15%  $35,595  or less
22%  more than $35,595 to $71,190
26%  more than $71,190 to $115,739
29%  more than $115,739

 

FEDERAL NON REFUNDABLE CREDITS:

The Federal non-refundable credits are summarized below:

CREDITS

  AMOUNT ($)

  Basic personal amount    8,648
  Age amount (born 1940 or earlier)    3,979
  Spouse or common-law partner    8,079
  Disability amount    6,596
  Caregiver amount    3,848
  Education credit (Full time)    400/per month
  Education credit (Part time)    120/per month
 

ONTARIO TAX

The Ontario income tax rates for 2005 are as follows:

 RATE

  TAXABLE INCOME

6.05%  $34,010  or less
9.15%  more than $34,010 to $68,020
11.16%  more than $68,020

ONTARIO NON REFUNDABLE CREDITS:

The Ontario non-refundable credits are summarized below:

CREDITS

  AMOUNT ($)

  Basic personal amount    8,196
  Age amount (born 1940 or earlier)    4,002
  Spouse or common-law partner    7,656
  Disability amount    6,622
  Caregiver amount    3,663
  Education credit (Full time)    441/per month
  Education credit (Part time)    132/per month

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2006 Corporate Income Tax Rates

FEDERAL AND ONTARIO TAX

The combined federal and Provincial tax rates shown in the table below apply to income earned by a Canadian-Controlled Private Corporation (CCPC). 

 

ACTIVE BUSINESS INCOME ELIGIBLE FOR SMALL BUSINESS DEDUCTION

(Income up to $300,000)

 RATE  (%)

  Federal tax rate         28.00
  Small business tax credit        (16.00)
  Federal surtax*           1.12
  Ontario tax rate          14.00
  Ontario small business tax credit          (8.50)
  Total corporate tax         18.62

* A 4% corporate surtax charged on 28% federal tax will be eliminated for all small and medium-sized for corporations effective January 1,2008.



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For further information please visit the Corporations,CRA website.

 

 
 

2004 ACCTX Inc.